Bank Account
Are my checking account and savings account connected and can I transfer funds in between
Yes or No
Yes, I can make transfer from both account to each other and they are connected for me to be able to complete these transactions.
Why should I estimate income from my job to budget?
Because I do not want to spend my entire check. I need to learn that working is apart of being independent and important for me to save for bills and food.
What are local, state and federal taxes?
transaction taxes, income and property taxes.
What is a private fund?
A private fund comes from individuals or a organization.
Cooking at home helps you save a lot of money because it reduces the cost of eating out. And allows for more controllable spending.
Why is having a bank account important when I start working?
A bank account is important when I start working so I can have my checks be deposited there and also keep track of what's being spent.
What are some examples of expenses I will need to budget for in the future?
Housing, transportations, bills, healthcare and travel.
What are sales taxes?
A tax on retail products based on a set percentage of the retail price.
real estate funds and private equity funds.
How can I save money at the grocery store?
Create meal plans and a shopping list.
The online bank simulator I completed this week was beneficial to me because?
It provided me insights on how I can manage my online account to keep track of my spending habits, pay bills and also my transactions.
How do you determine how much you put aside each time you get paid for budgeting purposes?
I will calculate my monthly income and look at my spending habits to determine the appropriate amount to save each time I get paid.
What do federal taxes pay for?
national Defense, education, healthcare, retirement, housing.
What are the benefits of private funds?
Private funds allow me to choose my own investors.
What was the name of the store interactive that we did today?
What happens when I don't touch the money in my savings account?
I can grow interest which builds up my account to have more money and I could also be awarded dividends.
Why is it important for me to note my needs and my wants for budgeting?
It is important because my needs will come before my wants, so I should be responsible for knowing that each month to ensure I don't overspend for unnecessary items.
What are some things that are paid for with state taxes?
interstate highways, roads, libraries, police officers, firefighters.
A movie theatre is a private business. It is paid for with private funds. True or False?
True
What is the best grocery store for overall value?
Publix consistently ranks higher for customer satisfaction.
Why is it important to have a emergency fund set up at my bank?
For things that will come up such as car repairs, I get sick, or unexpected expenses I should be prepared for.
If I plan a trip with a friend why is it important for us both to budget our spending for this trip?
It will be important so we will not run out of money in case of emergency and we would be prepared.
What is the connection between taxes and my everyday life?
Because I work money will come out of my paycheck each time to pay for services I need in my community.
Are libraries paid for with taxes or private funds?
Libraries are paid for with tax dollars.
What are two tactics grocery stores use to get you to buy things?
Bright pictures and fancy designs